JACKSONVILLE, TX--(Marketwire - Dec 6, 2012) - Potential buyers planning to take part in the auction of bankrupt Lon Morris College will have an extra month to prepare as a result of the Dec. 5 ruling by the U.S. Bankruptcy Court for the Eastern District of Texas.
The auction was reset for 11 a.m. January 14 in the Dallas offices of McKool Smith PC, the law firm representing the estate.
"Shifting the auction date to January 14 will give bidders more time to further research the property, which will ensure they are able to bid with confidence. We're glad to have time to help them in any way we can, and we look forward to a great auction," said Stephen Karbelk, co-chairman and founder of AmeriBid. "I feel sure that those parties planning to bid will welcome the additional time to research the property, arrange financing and address other needs," he added.
Attorney Hugh Ray III agreed. "All systems are go for a January 14 auction, and AmeriBid is actively working to provide prospective bidders the information they need to make bidding decisions," said Ray, of McKool Smith.
The court ruling gave interim approval for $150,000 of a debtor-in-possession loan of $500,000 to cover expenses related to continued staffing and marketing the property.
The auction of the 112-acre campus in Jacksonville includes most of the facilities, including a library, chapel, administration building, classroom facilities, student center, doors, gymnasium and athletic fields. The 158-year-old college -- the oldest junior college in the state -- entered bankruptcy earlier in 2012.
Karbelk said potential bidders for the college include colleges, churches, denominations, school systems and others who might wish to use it as a conference center, corporate retreat or even mixed use development. "The potential uses are almost unlimited," he said.
Individuals seeking additional information about the auction may visit www.AmeriBid.com or call 877-895-7077.
AmeriBid is the premier global real estate auction leader specializing in the sale of commercial and residential real estate, land properties and other assets for lenders, servicers, receivers, bankruptcy attorneys, estates, private owners, investment companies and local, state and federal government agencies.